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Innovations

The importance of innovationCorporations must be able to adapt and evolve if they wish to survive. Businesses operate with the knowledge that their competitors will inevitably come to the market with a product that changes the basis of competition. The ability to change and adapt is essential to survival.

Today, the idea of innovation is widely accepted. It has become part of our culture – so much so that it verges on becoming a cliché. For example, in 1994 and 1995, 275 books published in the the United States had the word ‘innovation’ in their title (Coyne, 1996). But even though the term is now embedded in our language, to what extent do we fully understand the concept? Moreover, to what extent is this understanding shared? A scientist’s view of innovation may be very different from that of an accountant in the same organisation. The GlaxoSmithKline story in Illustration 1.1 puts into context the subject of innovation and new product development. Innovation is at the heart of many companies’ activities. But to what extent is this true of all businesses? And why are some businesses more innovative than others? What is meant by innovation? And can it be managed? These are questions that will be addressed in this book. ‘. . . not to innovate is to die’ wrote Christopher Freeman (1982) in his famous study of the economics of innovation. Certainly companies that have established themselves as technical and market leaders have shown an ability to develop successful new products. In virtually every industry from aerospace to pharmaceuticals and from motor cars to computers, the dominant companies have demonstrated an ability to innovate (see Table 1.1).

A brief analysis of economic history, especially in the United Kingdom, will show that industrial technological innovation has led to substantial economic beneﬁts for the innovating companyand the innovating country. Indeed, the industrial revolution of the nineteenth century was fuelled by technological innovations (seeTable 1.2). Technological innovations have also been an important component in the progress of human societies. Anyone who has visited the towns of Bath, Leamington and Colchester will be very aware of how the Romans contributed to the advancement of human societies. The introduction over 2,000 years ago of sewers, roads and elementary heating systems is credited to these early invaders of Britain.

The classical economists of the eighteenth and
nineteenth centuries believed that technological
change and capital accumulation were the
engines of growth. This belief was based on the
conclusion that productivity growth causes population growth, which in turn causes productivity to fall. Today’s theory of population growth is
very different from these early attempts at understanding economic growth. It argues that rising incomes slow the population growth becausethey increase the rate of opportunity cost of having children. Hence, as technology advances productivity and incomes grow. Joseph Schumpeter was the founder of modern growth theory and is regarded as one of the world’s greatest economists. In the 1930s he

was the ﬁrst to realise that the development and
diffusion of new technologies by proﬁt-seeking
entrepreneurs formed the source of economic
progress. Robert Solow, who was a student of
Schumpeter, advanced his professor’s theories in
the 1950s and won the Nobel Prize for economic
science. Paul Romer has developed these theories further and is responsible for the modern theory of economic growth, sometimes called
neo-Schumpeterian economic growth theory,
which argues that sustained economic growth
arises from competition among ﬁrms. Firms try
to increase their proﬁts by devoting resources to
creating new products and developing new ways
of making existing products. It is this economic
theory that underpins most innovation management and new product development theories. Source: Adapted from M. Parkin et al. (1997) Economics,...

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...History of Technological Innovations at PNC Bank
Susan Santos
CMGT 557 - Emerging Technologies & Issues
April 16, 2012
Professor Tammy Borunda
Abstract
This paper will describe how technology has changed the banking industry. I will specifically talk about PNC Bank. PNC Bank was founded in 1852, in Pittsburgh, PA. Its founders were James Laughlin and B.F. Jones. Since 1852, PNC Bank has expanded geographically in the northeast, Midwest, eastern and southeast part of the country through acquisitions and mergers. PNC Bank has been a leader in regards to technological innovations in the banking industry. PNC Bank created a mobile banking application in 2009, at that time; it was one of four banks in the country to have a mobile application. In 2008, PNC Bank created the Virtual Wallet, the first interactive software on a online banking web site. Then in 2011, PNC Bank created PNC Wealth Insight, a first time technological, banking, innovation which provided consumers with more information and daily access to their portfolios and net worth.
History of Technological Innovations in at PNC Bank
Technological innovations have dramatically altered the banking industry in recent decades. My bank is PNC Bank and I chose to write about it and describe how technology has affected the company, its product line, and the services it provides. PNC Bank was first opened in 1852, in Pittsburgh,...

...Abstract
This paper deals with particular qualities and distinguishing features of the American innovation model. Statistical analysis of current situation on American innovation markets provides up-to-date information concerning the structure of the economy of the US. American economy is estimated as economy, based on innovation and new technologies. The paper analyses problems closely connected with distribution and adaptation of new technologies. Government policy of implementing, distributing and developing innovations provides detailed support to new projects and initiatives. Future prospects of “new economy”, based on innovations, are studied.
Key words
Innovation, knowledge economy, innovation processes, private investments, venture capital financing, research universities.
Introduction
In the conditions of modern world economy and development of the information-oriented society new technologies and innovations are both an indicator of a country’s influence in the world and a determinative factor of economical growth and prosperity. That is why; the problems and prospects of the innovation development of the biggest economy in the world play a crucial role not only for the United States but also for their rivals and supporters.
The subject of the paper is new technologies and innovations in the US....

...Jasper 1998).
INNOVATION AS A CRITICAL INDICATOR FOR SUCCESS
Many companies will treat innovation as black-box, the serendipitous achievement of a few gifted individuals. But this survey found that innovation leaders consistently outperformed laggards on five manageable capability areas. In the past, most successful companies were duopolies or mono polices as compared to recent times were free market trade, globalization and the ability to satisfy the customers expectation is the key to profitability. Innovation involves exploiting new ideas resulting in the creation of new services, product or process. It is not just the development of a new idea that is important, but bringing the idea into the market and putting it into practice by exploiting it in a way that leads to new services, systems or products that add value and improve quality. This is a critical indicator to most business success as customer satisfaction is fully derived from the product and services and not just for the selfless gain of the company (Eric Almqust 2013).
Apple is an example of innovative company as they are able to develop new versions of the iPhone which is similar in nature but still at the same time gain high profitability by the ability to make customers see the uniqueness and need for it. This involves a high level of creativity to succeed above others in the mobile industry. It possibly involves management restructuring and...

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Executive summary
The entrepreneurship and innovation contains the strong relationship that the innovation can be captured and used by the entrepreneurs in the organisation. The innovation means the new and better product or service development, and the delivery that product into market successfully. If the organisation is the innovative, the sustainability presents high as they gain the competitive advantage in long term. To support between entrepreneurship and innovation, the special characteristics should be considered. The entrepreneur can influence of recognition of innovation product and services. In the end of report, the case study of my family business was chosen and evaluated in terms of innovative dimension. The recommendation as the innovation plan was proposed that can turn the business into innovative and sustainable organisation.
1. Introduction
Becoming the innovative and sustainable business becomes the key to success of today business. There are the relationship between entrepreneurship and innovation that drive the organisation to be innovative and sustainable. In this report, the concept and engagement of entrepreneurship and innovation process was presented. In addition, the personal case study, my family business, was evaluated using the innovation diagnostic diamond tool and was generated the innovation...

...Innovation:
* There are two contrasting theoretical views: Schumpeter thinks more innovation is achieved by less competitive markets; Arrow thinks that more innovation is achieved by more competitive markets.
Schumpeterian Theory: A distinctive特殊 view of innovation and its central role in the process of competition was developed by Schumpeter in the 1930s and 1940s and has since been developed into a substantive alternative school of thought.
Schumpeterian theory suggests a simple monotonous negative relationship between market structure and innovation that less competitive firms are more innovative, so more innovation is associated with less competition.
* There are several Features of Schumpeterian theory.
Innovation is a broad concept, not just inventing a new product, but a firm can be innovative in the way they compete in a more general sense. Competition is as a process of continual innovation. There is fundamental uncertainty, which cannot be reduced to risk because sometimes we are just unable to identify all possible future scenarios and attach probabilities to these. The theory has an open-ended (non-equilibrium) view and distinctive view of the entrepreneur, moving away from the neoclassical view of equilibrium. There are gains from large scale in R&amp;D. This is because large firms have the resources to invest more in...

...Investigate how innovation can create competitive advantage for Nokia in Great Britain
Chapter one:
Background of the study:
21st century of the market growth is depends on innovation. There have many marketing tools as we can use for growing up the business, but in this situation, researcher preferred innovation, which is really need to develop and rapidly progress for the business with their existing or new product.
Innovation require for thoughtful structure of solid management process and making a creative culture in organization. The companies can create their own ideas, and innovation helps to select the right ideas for implementation. Organization can develop new strategies and business model by innovation. Innovation not only represent how to grow up the business, it is also making the specific direction of the organization. We can say (invention + exploitation = innovation). “Innovation is the creation of any product, service or process which is new to the business unit” Tushman and Nadler (1996). In addition, the management guru Peter Drucker observes, “innovation is the specific tool of entrepreneurs, the means by which they exploit changes as an opportunity” (Drucker, 1985). The survey of Boston Consulting Group reported that in 2004 inside and outside of the organizations, that 90 per cent of them believe in...

...25 Definitions Of Innovation
inShare
By: Hutch Carpenter | September 23, 2010
In a recent blog post proposing a definition of innovation, I noted that innovation means different things to different people. It ultimately is what you think it is. What’s a useful definition for you won’t work for others, and vice versa.
I asked for people’s definitions on several LinkedIn groups, and the community came forward with many interesting and valuable perspectives. For me, the value of this was two-fold:
* Challenge my own perceptions of innovation and expand my horizons
* Understand the different ways people talk about innovation
I went through the many great comments, and pulled out 25 definitions of innovation. I put together a simple map according to their similar characteristics:
The five themes for the definitions are illustrative of the major patterns of thought in innovation. The definitions are presented below.You’ll notice a hash tag (#) after each one. The hash tag is a link to each individual definition, so you can reference a specific one if you’d like.
Business Model
This is the sense of innovation in the broader context of companies and markets. Innovation’s meaning here is to alter the landscape.
Ray Meads A patentable solution (external verified uniqueness) with a differentiated business model that changes the basis of business for that...

...Innovation Process
This paper will explain the four basic phases of the innovation process and how to apply the innovative process to Ford Motor Company. “Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 200,000 employees and about 90 plants worldwide, the company’s automotive brands include Ford, Lincoln, Mercury and Volvo” (Ford Motor Company, n.d.). Ford is a company with numerous opportunities for changes by using the four steps to address issues to improve the functionality of the business and increase its customer base.
Four Phases in the Innovative Process
To achieve long-term success it will require Ford Motor Company to create and recreate a steady flow of new products to watch the business grow to heights it has never imagined. Ford needs to build an “innovation dynasty” that churns out new business after new business.
During new product development the company will have to exceed the Company’s core principles. The Ford Motor Company will have to exceed the core expectations. The Ford Motor Company needs to develop a process that is different from all other processes that will develop new growth in the Corporation. We will work to help the corporation build and implement the innovation process through the preliminary analysis, definition, design, and operation phases...